Shanghai's West Bund defies property slump as new CBD attracts MNCs like BMW, Adidas
The vibrant area, located on the west bank of the Huangpu River in the southwestern Xuhui district, is emerging as the latest central business district (CBD), with premium office buildings and retail space like Hongkong Land's Westbund Central. The city kicked off the redevelopment of the West Bund in 2010, which involved building world-class residential, commercial, office and entertainment complexes.
The area, home to the artificial intelligence (AI) incubator
Shanghai Foundation Model Innovation Centre (SMC) , which was visited by President Xi Jinping in April, has already attracted multinationals like BMW and Adidas.
'West Bund is well planned as each section in the West Bund has its own theme and industrial goal,' said Jimmy Chu, a senior director with CBRE's Eastern China office market division. 'The location makes the area a bright spot in Shanghai's real estate market.'
A file photo from November 2024 shows buildings under construction at the West Bund in Shanghai. Photo: Costfoto/NurPhoto via Getty Images
The first phase of office blocks at Westbund Central, which will be delivered later this year, has been well received by Chinese and foreign companies, and was likely to see a 100 per cent occupancy rate, he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
As China's speedy maglev train breaks records, US ambitions go off the rails
A week after China said its supercharged rail system has reached speeds of 600km/h (373mph) , US President Donald Trump seemingly pulled the plug on American rail progress. Advertisement In a controversial move being challenged by the state of California, Trump cancelled US$4 billion in federal funding for its high-speed railway project. Regardless of the outcome of any legal challenge, Trump's announcement highlights the contrasting development paths of the economic superpowers in their rail aspirations, or lack thereof. China is widely expected to extend its lead over the United States as progress speeds forward with its blazing-fast trains – at home and abroad – while American projects struggle amid a lack of funding and political pressure. The subject is expected to be a central talking point during the US-China Rail Transit Industry Roundtable on Friday at the China International Supply Chain Expo in Beijing. Industry representatives from both sides will also discuss the potential for supply-chain cooperation in the railway sector, according to the agenda provided by the organisation, the China Council for the Promotion of International Trade. Advertisement Eight US companies are expected to attend: Westinghouse Transportation Group, Caterpillar, 3M, Cummins, Harsco Rail, Corning, Advanced Railway Technologies, and Ibex Infrastructure.
South China Morning Post
3 hours ago
- South China Morning Post
Chen Feng, founder of Chinese conglomerate HNA, sentenced to 12 years in prison
Chen Feng, a founder of the defunct Chinese conglomerate HNA Group, has been sentenced to 12 years in prison and is subject to a penalty of 221 million yuan (US$30.8 million), nearly four years after he was detained by police. The 72-year-old businessman was charged with harming the interests of a listed company, fraudulently obtaining loans and a breach of duty through misappropriation, according to a court document. The government said 40 million yuan in personal assets were ordered to be confiscated. Also sentenced were Sun Mingyu, former chairman of HNA Group's supervisory board, and Bao Qifa, former chairman of Hainan Airlines Group, which was previously controlled by HNA. Both received prison terms of three and a half years. Sun was fined 9 million yuan and Bao was fined 4.5 million yuan. Chen Feng, who founded Hainan Airlines in 1989 in Haikou and grew it into the sprawling conglomerate known as HNA Group, was detained for suspected crimes in 2021. The detention came a few months after the group declared bankruptcy following struggles to pay off debts that once totalled more than US$100 billion. In the mid-2010s, HNA Group went on an acquisition spree , fuelled by bank loans and profits from its aviation business. Initially focused on airlines, the group expanded into areas including tourism, hospitality and financial services, amassing stakes in companies like Hilton Hotels and Resorts, Deutsche Bank and Ingram Micro.
South China Morning Post
4 hours ago
- South China Morning Post
US-China trade deal clues, Emirates flight diverted to Taiwan: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing The US-China deal under negotiation is likely to bear similarities to the phase one trade agreement from Donald Trump's first term, according to a former senior official in that administration – offering clues to what the highly anticipated pact may look like just weeks before a trade truce between the two rival economies is set to expire. Beijing has set aside major disputes with Canberra and instead filled Australian Prime Minister Anthony Albanese's six-day visit to China this week with a slew of trade and investment deals, a move analysts said was an effort to find common ground amid trade tensions with the United States. The flight was diverted to Kaohsiung International Airport in Taiwan on Monday. Photo: Handout An Emirates flight from Dubai to Hong Kong was unexpectedly rerouted to Taiwan on Monday after multiple unsuccessful attempts to land, reportedly because of wind conditions.
